Creating a Calamity
نویسنده
چکیده
It takes a lot to create a calamity in the commercial arena. Transactional attorneys spend a good deal of their time drafting around the calamities of the past. The Supreme Court’s decision in Till v. SCS Credit Corp., 541 U.S. 465 (2004), nevertheless deserves the label. The issue before the Court was straight-forward—how should bankruptcy courts ascertain the appropriate interest rate in a Chapter 13 plan? At one level the case is a calamity in that the Court failed to produce a majority opinion. This issue called for a clear rule. While some rules may be better than others, the overriding concern should have been to provide definitive guidance on this oft recurring issue. Here, the Court failed.
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